One way to combat the high cost of loan originator turnover and improve the longevity of your top performers is to build a data-driven strategy that dives into what’s causing the churn. Here’s a 6-step approach to help you get started
Ever wonder what type of performance fluctuations exist amongst your LOs? We did. In this blog post, we reveal some of the trends we discovered when we studied the performance of 5,500 LOs over a 30-month period.
There are two major concerns preoccupying mortgage lenders’ minds these days: reducing costs and increasing volume. In many ways, loan originators (LO) play a large role in lenders’ successes (and failures) in those goals. As compensation is one of lenders’ largest expenses, we took a look at the wealth of data we process on how lenders are compensating their sales staff and what kind of volume those staffs are producing.
These days, it’s all about data. Of course, having data is one thing. Doing something meaningful with it is another. In today’s highly competitive market, mortgage executives must be able to have access to and use their data to make smart business decisions.
According to Fannie Mae’s Q1 2018 Mortgage Lender Sentiment Survey, lenders once again reported a negative profit margin outlook. The instinctive response to narrowing profit margins is to start simply cutting costs, but we recommend considering a slightly more counterintuitive approach – incentivize.
Inefficiencies of Using Spreadsheets for Your Mortgage Lending Spreadsheets are a great tool – they’re familiar and comfortable; easy to print, share, and present data; and they are compatible across operating systems. But, they are also highly inefficient, prone to errors, time-consuming, and redundant. Spreadsheets are an inefficient tool for managing your mortgage lending operations and production because their inability to: Record transactions at the loan level as they occur, Integrate with your loan origination Read More